Vietnam has potential to become an economic hub in Southeast Asia: Ambassador

Updated at Thursday, 14 Jun 2018, 11:52

The Hanoitimes - Vietnam has emerged as one of the world’s major manufacturing hubs, said newly-appointed South Korean Ambassador to Vietnam Kim Do-huyn during his meeting with Prime Minister Nguyen Xuan Phuc yesterday (June 13).

At the meeting, PM Nguyen Xuan Phuc hailed an increase of 15% in the Vietnam-South Korea two way trade in quarter I/2018 as a vast effort of enterprises and agencies in the two countries.
South Korea is currently the biggest investor in Vietnam and the second largest provider of official development assistance (ODA) to the country.

The Vietnamese PM affirmed the importance of setting the target of US$100 billion in bilateral trade by 2020 while pressing the need to balance the trade in the future.
Regarding Vietnam-South Korea relations, he said the two countries’ agencies should enhance co-operation in all fields and regularly exchange delegations, thus setting a foundation to implement bilateral agreements.
Vietnam is hastening the equitization of State-owned enterprises in key sectors, the PM said, expressing his wish that South Korean firms would step in this process, as well as transfer advanced technologies to Vietnam firms.
For his part, Ambassador Kim Do-huyn highlighted the great potential of Vietnam to become an economic hub in Southeast Asia. Vietnam has emerged as one of the world’s major manufacturing centers, the ambassador said, while applauding the Vietnamese government’s efforts to boost the country’s socio-economic development.
Agreeing with the PM’s proposals, the ambassador expressed his hope that more Vietnamese businesses participate in the global production chains of South Korean firms. Hence, the 4.0 technologcal revolution, South Korean firms and Vietnamese firms would jointly attend the chains, Ambassador Kim said and pledge to contribute positively to the development of Vietnamese startups.